Someone asked me about the risk of buying Term Insurance from America. They premium rate is much lower than the rates available in Singapore and it is easy to buy through the internet. Here is an example of a website.
I am not aware about any risk. I believe that it should be quite easy to make a claim, if the need arises. You should choose a financially strong and reputable company. I have asked two lawyers to give me their views. I will past the replies when I received them.
Of course, it is better to buy Term Insurance from an insurance company in Singapore, provided that the premium rate is competitive and they make it easy to buy directly through the internet. It is all right for you to pay up a higher premium for the convenience and assurance, but the difference should not exceed 20% compared to the best rates available in America. I hope that competition in Singapore should force the premium rate down to the same level as in America (as the life expectancy and health status in Singapore is better than in America.
Tan Kin Lian
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